SM Energy's (SM) Permian Acquisition Seen as Consistent with Company Message
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SM Energy Announces Permian Basin Acquisition
August 8, 2016 6:50 AM EDTSignificantly Expanding Footprint in Tier 1 Midland Basin
DENVER--(BUSINESS WIRE)-- SM Energy Company (NYSE: SM) today announced that it has entered into a definitive purchase agreement to acquire 24,783 net acres in Howard County, West Texas, expanding the Companys Midland Basin footprint to approximately 46,750 net acres. The acquired acreage position is largely contiguous and includes approximately 4,900 Boe per day net production (with two new wells coming on-line August 2016) and 6 MMBoe of proved developed producing reserves. The purchase price is $980 million and the seller is Rock Oil Holdings LLC.
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